Bungie just post an hour ago on their front-page that along with the new playlist tweaks today the rank cap has been lifted. Also, there is NO new rank cap so Drew can go crazy now.
I've looked at my FL and I don't see anyone above a Lt. Colonel Grade 3 though, like everything else Bungie does maybe it takes a while to populate.

I'm not as cool as Dani. Commander Grade 1. Also, I'm super jealous because most of those TJ and other serious GAF guys are at Colonel already. It appears that none of them seems to have wanted gold visor as badly as I do (or they spent all their monies, whereas I've been budgeting all along). Did pick up my Carter shoulder today though. As some of you know, when I deck out my Spartan in new duds, I like to watch the first cut scene to see how I'm going to look when shit hits the fan, and I have to tell you:
1) I look badass
2) The shot where Carter and I walk out the door of the ops center together towards the Falcons looks really funny since we're the same color and sporting very similar armor loadouts.